New Home SalesCENSUS
509K
U.S. Housing Market · 1991 · NBER recession
U.S. Housing Market in 1991
1991 troughS&L recessionrates below 9.5%
Existing SalesNAR
3.22M
Median PriceNAR
$97,100
30Y MortgagePMMS
9.25%
Existing-home sales bottomed at 3.22M in 1991 — the trough of the long, mild S&L-era housing slowdown.
The 1990–91 recession was housing-led: regional banking stress (the Resolution Trust Corporation was working through 1,043 failed thrifts), the first Gulf War, and the residual hangover from 1986's tax reform combined to slow the market. Mortgage rates fell back below 9.5% for the first time since 1979, beginning the long descent that would carry rates under 7% by 1998.